Meeting began at 9:12 a.m. with the following Board members present: Cathy Van Velzen, Stewart Moon, Roger Liesch and Dan Tackett . Also present were Attorney Lee Dehner and Investment Monitors Bryan Bakardjiev and Jack Evatt.
CHANGES TO AGENDA: None.
MINUTES: Dan Tackett motioned to approve the minutes of the 10/22/10 quarterly meeting. Roger Liesch seconded; motion carried.
COMMUNICATIONS: As listed on the agenda.
FINANCIALS: Salem Trust account statements for October, November, December
Retiree Pension Check Registers
Invoices - Christiansen & Dehner – $865.50 received 11/15/10
- Christiansen & Dehner - $65.00 received 12/2/10
- Bogdahn Group - $3875.00 dated 12/20/10
- Gibson & Wirt dated 10/26/10 for $2287.13
- Dana Investments Advisors, Inc. – received 1/24/11 for $6886.29
- Reimbursement payments to Firefighters Bugel ($770.37) and Owen ($89.25)
- Reimbursement from District for Waiver of Recourse $158.00
- Salem Trust fees – dated 1/15/11 for $1250.00
Dan Tackett motioned to ratify the invoices as presented including approval to reimburse Tom Owen for lost check from Salem; seconded by Stewart Moon. Motion carried.
INVESTMENT MONITOR’S REPORT: Jack Evatt reported that there is a lot of good news. Our fund was up 5.38% for the quarter ending 12/31/10 even though it trailed the benchmarks at –0.34%. That left us at up 12.83% for the 12 trailing months which is good. Page 23 of the report shows our Compliance Checklist with everything in acceptable ranges.
Bryan Bakardjiev explained the Mike Dana of Dana Investments had not been a primary in his firm for a while and has now sold his shares back to the firm and retired. The company is now employee owned.
INVESTMENT MANAGER’S REPORT: Per hard copy report.
INVESTMENT CUSTODIAN’S REPORT: No report.
ATTORNEY’S REPORT: Lee Dehner reported on we are in compliance with Florida’s divestiture provisions of Florida Statute 175.071(8).
Regarding legislation, proposed House Bill 303 is not good; it has a lot of changes such as multiplier reduced to 1.6% from our current 3.5%, minimum age 55, salary defined as base pay only, DROP gone as of 12/31/12; maximum plan sponsor contributions of 15% with employees paying the difference, etc. Senator Bennett has withdrawn his companion Senate bill. We may need to have a special meeting to address some issues depending on what passes.
We need to send a codified copy of plan document to State and he will update Summary Plan Descriptions for distribution to employees.
OLD BUSINESS:
1) Change of Assumptions Per Actuary: This suggestion arose during discussions with the actuary about doing an experience study. Lee Dehner said it is recommended to do a study every 3-5 years to make sure the assumptions are valid. He estimated the cost at around $3000 - $5000 and so suggests we wait until after the legislative session.
2) Stop/Restart: The ordinances were adopted and everything is in place.
NEW BUSINESS
1) Re-Appointment of Representative Stewart Moon: Approved by District Commission.
2) Appointment/Reappointment of At-Large Seat – Cathy Van Velzen: Motion by Dan Tackett, second by Stewart Moon to reappoint Cathy Van Velzen. All agreed, motion carried.
3) Count Ballots for Election of Firefighter Representative: The ballots were opened and counted with nine votes for Greg Van Edema and 3 votes for others.
4) Board Elections for Chair and Secretary: Lee Dehner realized that we have adopted the new rule allowed by the State for four-year terms instead of two-year. That was done in July of 2010. Therefore, we only need to do elections every two years so the next will be in January 2012.
5) Resolution #2011-01 for Records Management Liaison Officer: The State requires that someone is appointed as to oversee records management and to adopt the State records retention schedule. Dan Tackett motioned to appoint Mary Stephens as the RMLO and to adopt GS1-SL records retention schedule. Second by Roger Liesch. All approved, motion carried.
COMMENTS/QUESTIONS: Al Robinson of Holmes Beach asked why is there no Fire Commissioner at this meeting? He noted that he asked Mary Stephens for benefit calculations on Chief Price and Deputy Chief Pollock and she couldn’t find it but he called the State and got it. Dan Tackett replied that they are not in the Chapter 175 plan. He asked why there is no mention of unfunded pension liability? He is shocked that this Board would lobby against new legislation to change pension benefits. He asked if we knew that teachers will get about 48% benefit at retirement but firefighters will get about 90%? Dan Tackett responded that his wife is a teacher and she is appalled that firefighters benefits would be compared to school teachers since there is such a huge difference in their jobs especially since firefighters risk their health to do their jobs.
Mary Stephens asked Lee Dehner to clarify whether long-term leave is counted as time worked for plan purposes? He said accrued leave such as vacation or sick time is counted and contributions are due. However, if the time is donated, then it does not count as time worked and no contributions are due to the plan just like Worker’s Compensation leave. The time must be reported but not paid on.
DATE OF NEXT MEETING: Next quarterly meeting on April 28, 2011 at 9:00 a.m. at the Administration Building.
ADJOURNMENT: At 10:30 a.m.
______________________________________
Chairman
______________________________________
Secretary
/ms
